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February 23, 2010

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Shanghai wins huge business accolade

SHANGHAI ranks only after London in a list of the world's most attractive cities for business people.

Hong Kong and Beijing also made it to the list, released on Sunday by Paris Ile de France Capitale Economique, in third and fifth place, Russian newspaper RBC Daily reported yesterday.

KPMG also contributed to working out the list, which draws on data the consultancy company processed over the past five years.

The list is mainly based on surveys of 500 influential business people from across the world and investment figures of last year, the RBC Daily said.

The list judges the cities by political stability, safety of their legal systems and economic performances.

Though trailing London, Shanghai exceeded the British capital in some aspects, such as the number of modern research and development centers and office buildings, the report said.

As to the reason three Chinese cities made the list, the report said it came as no surprise because China had been an investment hotspot and economic pathfinder over the past few years.

The newspaper cited some business people as saying that some other Asian cities like Mumbai and Singapore would probably sideline European cities in the leading ranks in the next few years.

Of all European cities, only London and Paris made the top five, as investment flowing into the two cities during the financial crisis almost remained the same as before the recession hit in late 2008.

London saw 270 investment projects get started last year, according to the newspaper.

New York City, once ranked the third before the financial crisis, slipped to No. 10.


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